AIB’s current external auditor PricewaterhouseCoopers will not be reappointed, the bank said today.
AIB said the decision had been taken as part of the review of control processes prompted by the Allfirst affair. In a statement the Bank said the decision was made by the Board "in the context of a number of other actions and changes already announced."
It said its external audit would now be put out to tender. "PricewaterhouseCoopers, the current AIB Group external auditors, will not participate in the tender process and will not, therefore, go forward for reappointment at the AIB AGM on 29th May," the statement read.
The tender process is expected to be completed by mid-May.
Mr Gary Kennedy, AIB Group Director of Finance said: "We would like to express our appreciation to PwC for the work they have carried out for AIB Group to date. We have the highest regard for PwC as a firm and look forward to using a range of their services in the future."
The Bank’s US subsidiary Allfirst was at the centre €784.5 million foreign exchange trading fraud which came to light in February of this year. AIB shareholders apparently want the Bank to sell the Baltimore-based subsidiary. The bank has said it will re-evalate its position on Allfirst in the next six to nine months.
